Hothead Investor Shares 7-Month Update On 'Maxing Out 8 Credit Cards To Buy Bitcoin'

Investor Sunny Po resurfaced with a seven-month update on his fearless strategy of maxing out credit cards to invest in Bitcoin BTC/USD.

What Happened: In April, Po shared his last update on maxing out eight credit cards to purchase Bitcoin, which sparked widespread interest and debate.

His current total amount of Bitcoin purchased remains unchanged at 1.4488, bought at an average price of $37,443. His total credit card debt stands at $54,251, with a minimum monthly payment of $542. The unrealized profits currently sit at $35,332, an 18.5% increase since May 31.

Why are you as a man valuing another man's printed pieces of paper in exchange for your time and energy?

I on the other hand am collecting printed pieces of paper and storing it away into bitcoin and valuing the amount of bitcoin I can keep.

Here's the 7 month update on how… pic.twitter.com/x3JqdhZCka

— Sunny Po (@sunny051488) June 30, 2024

His strategy also involves rolling over the debt into new credit cards with 0% APR until May 2025, effectively "kicking the can" from November 2026 to February 2027.

Price Action: In the past 24 hours, BTC is trading 2% higher to $62,747.44. In the past 1-year, BTC prices have surged 106% with 48% gains recorded on a year-to-date basis.

Also Read: Bitcoin May Face Another Correction, Dropping To $55,000, Predicts Crypto Analyst

Why It Matters: Po's investment strategy carries considerable risk, with the investor taking on substantial debt to invest in Bitcoin. He suggested that "fiat games" should be played like this in America to "take what is printed and buy unprintable assets and then wait patiently or Jerome [Powell] and Janet [Yellen] will make sure you slave harder for longer."

The investor also revealed that he is “collecting printed pieces of paper and storing it away into bitcoin and valuing the amount of bitcoin I can keep.”

Po said that he is happy with nothing more than four months of sideways action where his dollar cost averaging will eat all Bitcoin at this range. He suggests accumulating the crypto king in this summer's rangebound action.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.

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